Wednesday, July 31, 2013

ImageS&P 500 (SPX) can still go either way. The 4 hour Keltner/Bollinger channel (K/B) awaits for a trigger. The initial target still stands at the SPX 1710 level if 1700 breaks to the upside. Failure to breakout and I can see 1640 – 50. ImageImageImageAll markets are chalk full of divergences and if there is an upside breakout, it will likely be capped. Whether it is SPX 1700, 1710, or 1750, I will take it one day at a time. The markets are in a desperate need of a reset and the monthly TD Sequential are/have been signaling a reversal is due. 

___________________________________________________________________________________________

Markets exploring top and bottom ranges almost daily. There is a slight bias to the upside with the 4 hour chart recording a bullish price flip. Not expecting the Fed to come out with any information that has not been discounted so far. The real catalyst may come on the US payroll report this Friday. (updated intraday)

Advertisements
This entry was posted in Uncategorized. Bookmark the permalink.

2 Responses to Wednesday, July 31, 2013

  1. blackjak100 says:

    Art-

    What is your read on today’s price action?

    • Art says:

      …Crazy. I’m still holding out we can get a low quality rally but I’m certainly more bearish than I was this morning.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s